Paul Choi has joined Hong Kong hedge fund Enhanced Investment Products (EIP). His main job is to work on EIP's Asian High Yield Convertible fund, but he will also provide analysis for EIP's other funds, namely its Overlay and Aleph funds.
Choi joins from Cheyne Capital Management in Hong Kong. Before that, he was a senior research analyst at Citi where he started his career as an assistant treasurer in Australia, before moving to South Korea and later to Hong Kong.
EIP is run by Toby Bland. Its High Yield Convertible fund launched with an initial investment of $17 million at the start of May and a capacity of $300 million. It was up 10.9% as of September 30.
It is a long-biased fund designed to take advantage of high yields that were prevailing in Asian convertible bonds. The fund has a life of three years, monthly liquidity after one year and an automatic liquidation trigger, with return of proceeds to investors when the net asset value increases by 70% from the initial level.
The convertibles fund is being run primarily by Yvon Choi who joined EIP after working for Elliott Advisers and Nomura.